CHARLOTTE, N.C. — CBRE has arranged the $6.3 million sale of Monroe Business Park, a five-building, 54,200-square-foot mixed-use center in southeast Charlotte’s Oakhurst neighborhood. Matt Smith, Patrick Gildea and Grayson Hawkins of CBRE represented the seller, Nova Capital Partners, in the transaction. An investment group affiliated with Waters Inc. purchased the asset. At the time of sale, Monroe Business Park’s tenant roster included PPG Paints, IronTribe Fitness and Common Market.
ASHEVILLE, N.C. — United Development Co. has unveiled plans to build The Peaks, a 33,517-square-foot retail center in Asheville. The property will sit on two acres at the corner of Highway 70 and South Tunnel Road, just west of Interstate 240, at the site of the former UA Beaucatcher Cinemas 7. The Peaks will offer 12 restaurant and retail spaces, including Chipotle Mexican Grill, Panera Bread and Rise Biscuits & Donuts. In addition, the property will feature a pedestrian-oriented design and outdoor dining with views of the Blue Ridge Mountains. Asheville-based PFA Architects designed the center and Atlantic Retail Properties is handling the leasing assignment. The Peaks is slated to open in June 2018.
NEW BERN, N.C. — Columbia Development has unveiled plans to develop New Bern Marketplace, a 326,850-square-foot grocery-anchored shopping center located on Highway 17 and Glenburnie Road in New Bern near North Carolina’s Crystal Coast. A 100,000-square-foot Harris Teeter, which will include a fuel station and drive-thru pharmacy, will anchor the property. The center will also be home to Academy Sports + Outdoors, Hobby Lobby, West Marine, Ross Dress for Less, Ulta Beauty, Pet Supermarket, Five Below and Lee Nails.
RALEIGH AND CARY, N.C. — CBRE | Raleigh has arranged the sale of a five-building office portfolio in metro Raleigh. Ben Kilgore, Jim McMillan, Elliott Brewer and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Highwoods Properties Inc. Alder Kawa Real Estate Advisors (AKREA) acquired the assets for a combined $38.9 million, according to the Triangle Business Journal. The portfolio includes Situs Office Park, a three-building office park totaling 156,665 square feet located adjacent to the interchange of Interstates 440 and 40 in Raleigh, that sold for $25.5 million. At the time of sale, the office park was 89.7 percent leased to tenants including Circle K Convenient Stores, GSA, Millennial Patient Services and Ameriprise. ParkWest Office Park, located off of Weston Parkway in Cary, was acquired for $13.4 million. The property includes ParkWest One and Two and totals 94,800 square feet. At the time of sale, the property was 85.5 percent leased to tenants including Arysta Lifescience’s U.S. headquarters, Informatica and Ignite Social Media. Lee Clyburn and Brian Carr of CBRE | Raleigh’s Investor Leasing group will handle the portfolio’s leasing assignment.
CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired Hunters Pointe Apartments, a 386-unit multifamily community in Charlotte, for $22 million. Capstone Apartment Partners represented the undisclosed seller in the transaction. FCP will invest more than $2 million in capital improvements and amenity enhancements, including the addition of a new swimming pool, new playground, dog park and grilling stations. The company will also upgrade the community’s entrance, leasing office, building exteriors, landscaping and green spaces. Hunters Pointe features townhome and loft-style apartment units with private patios.
RALEIGH, N.C. — Regency Centers, in partnership with ITB Holdings LLC, will break ground this month on Midtown East, a new retail center in Raleigh. A 120,000-square-foot Wegmans will anchor the property, which will include an adjacent 400-space, elevated parking deck and five additional retail buildings. Williams Co. Southeast is the project’s construction manager. Gensler designed the center, and McAdams is the project’s civil engineer. Midtown East is slated to open in the second quarter of 2019.
CHARLOTTE, N.C. — Bellwether Enterprise Real Estate Capital LLC has arranged $42.1 million in refinancing for three affordable housing properties in Charlotte. Victor Agusta of Bellwether Enterprise arranged the loans under the FHA 223(f) program on behalf of the borrower, Horizon Development Properties Inc. (HDP), an affiliate of the Charlotte Housing Authority. HDP received a $24.1 million loan for Southside Homes. The income-based housing development serves seniors, families and individuals with disabilities and includes 381 one- to four-bedroom units. The property is located in Charlotte’s South End neighborhood. HDP also received an $18 million loan for CHA Towers, which includes Edwin Tower in Uptown Charlotte’s Fourth Ward and Charlottetown Terrace in Charlotte’s Dilworth neighborhood. The newly redeveloped Charlottetown Terrace includes 161 units and is LEED Gold-certified. Both loans paid off existing debt and funded reserves for a portfolio of over 40 properties that were converting from a public housing subsidiary program through HUD’s Rental Assistance Demonstration (RAD) program.
RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $10.3 million preferred equity investment for the development of ParkStone at Knightdale, a 350-unit multifamily community in Raleigh’s Knightdale submarket. An affiliate of The Widewaters Group Inc. is developing the property. ParkStone at Knightdale will be situated adjacent to the Widewaters Commons shopping center, which is anchored by Lowe’s Foods and Planet Fitness, and within walking distance to numerous other shops and restaurants. The community will comprise one- to three-bedroom units with granite countertops and stainless steel appliances. Community amenities will include a fitness center, resort-style pool, outdoor lounge with grilling areas, playground, pet wash station and self-storage units. The project site is part of a 57-acre land parcel owned by Widewaters, which is entitled for a mixed-use master-planned development. Upon completion, the development will comprise the new residential component and 270,000 square feet of retail, entertainment and dining options.
CONCORD AND MATTHEWS, N.C. — ECHO Realty has acquired two Harris Teeter-anchored shopping centers in metro Charlotte: Cannon Crossroads in Concord and Matthews Township Shopping Center in Matthews. The sales prices and sellers were not disclosed. The acquisitions bring ECHO’s portfolio in the Charlotte area to six grocery-anchored centers totaling 500,000 square feet. The 67,000-square-foot Cannon Crossroads is located at the intersection of Harris and Poplar Tent roads, roughly 25 miles northeast of Charlotte. At the time of sale, the property was 96 percent leased to Harris Teeter, Great Clips, State Farm Insurance and Johnny Brusco’s. The 128,650-square-foot Matthews Township Shopping Center is located at the intersection of Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles southeast of Charlotte. At the time of sale, the property was fully leased to anchor tenants Harris Teeter and Stein Mart, as well as Rack Room Shoes, Hallmark and Chipotle Mexican Grill.
PITTSBORO, N.C. — Eco Group, a joint venture between John Fugo of Montgomery Carolina LLC and Kirk Bradley of Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, 30 miles southwest of Raleigh-Durham. Upon full completion, Mosaic will feature over 200,000 square feet of local and regional retailers, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster; a 120-room hotel; 210 apartment units and 125 apartments targeting the 55-plus age group integrated into Veranillo, an active adult art colony; 88,000 square feet of technical and creative office space; 30,000 square feet of recreational and civic amenities including performing arts stages and an amphitheater; and 15,000 square feet of educational space. The 350-acre development will serve as the commercial gateway to Chatham Park, a 7,100-acre community under development in Chatham County. Eco Group is working in partnership with Chatham Park’s developer, Preston Development Co., on the combined vision for the two projects. Upon completion, Chatham Park will feature 22,000 residences along with 22 million square feet of office, research, residential, educational and community space. “With Chatham Park delivering its first homes in spring 2019, Mosaic will offer the ideal amenity hub for …
